Last week’s UK Government Spending Review shows how two Labour Governments, working together, can deliver significant long term investment in our economy, our infrastructure and our key public services here in Wales.
The Review confirmed a record £22.4bn per year, on average, for the Welsh Government between 2026-27 and 2028-29 to invest in public services and drive down NHS waiting lists. This is the largest financial settlement in the history of devolution and £5bn extra over the next three years.
In addition, there will also be:
- £445m of funding into Welsh rail to right years’ of underfunding by previous governments. This will mean new stations, enabling more and faster trains on key lines and connecting people and communities across Wales.
- £211m in local growth funding in Wales each year for the next three years. Taken alongside our City Growth Deals, such as the Swansea Bay City Deal which is delivering new jobs and investment into Llanelli including Pentre Awel, this means we are investing nearly £900m into local growth projects in Wales this Parliament.
- £118m for vital work to keep coal tips safe – everything the Welsh Government requested to fund their safety work for the rest of this Parliament.
- £80m in port infrastructure in Port Talbot to secure the future of floating offshore wind in the Celtic Sea so that it can unlock thousands of jobs and billions of pounds of investment for South West Wales.
This Spending Review was all about investing in our security, health and economy – so you and your family are better off.
Labour’s first budget last year was to fix the foundations; now we are investing in Britain’s renewal.